JPMorgan Chase has reported a net income of $3.7 billion for the fourth quarter of 2011, a drop of $1.1 billion over the fourth quarter of 2010, and a 23 percent drop in profit. Chase reported a full-year 2011 net income of a record $19 billion, compared to 2010′s net income of $17.4 billion. However, Chase’s mortgage production and servicing reported a net loss of $258 million, compared with net income of $330 million in 2010.
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Chase Reports No Profit on Mortgages as Q4 Profits Dive 23 Percent